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Compass Minerals lowers FY'16 earnings, sales outlook

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Compass Minerals lowers FY'16 earnings, sales outlook

Compass MineralsInternational Inc. said April 7 that it has lowered its full-year guidanceand it now expects earnings per diluted share this year to fall between US$3.25and US$3.65.

In February, the company outlinedthe EPS for the full year to fall between US$3.80 and US$4.20 per share as comparedto US$4.69 per share in 2015.

Despite the year-over-year decrease in snow events, the continuedmild winter weather in Compass Minerals' primary service areas resulted in lower-than-expectedsalt sales volumes in the first quarter.

During the first quarter, the company's highway de-icing salesvolumes dropped 3% year over year to 3.7 million tonnes.

Its sale of all salt products in the quarter also fell to 4.2million tonnes compared with 4.4 million tonnes a year ago.

Due to the decrease in sales, the company has also revised itssale volume for the current year.

The company expects sales volume in the first half to fall between5.6 million tonnes and 6.0 million tonnes, down from the previous guidance of 5.9million tonnes to 6.3 million tonnes.

Compass Mineral expects full-year sales volume to fall between11.0 million tonnes and 11.8 million tonnes, compared to its previous guidance of11.5 million tonnes to 12.3 million tonnes.